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HSBC France € 20,000,000,000 Euro Medium Term Note Programme

HSBC France € 20,000,000,000 Euro Medium Term Note Programme

HSBC France € 20,000,000,000 Euro Medium Term Note Programme

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97<br />

ends at the relevant Valuation Time in respect of the Related Exchange; or (c) an Early Closure, in each<br />

case in respect of such futures or options contracts.<br />

For the purposes of determining whether a Market Disruption Event exists in respect of a Component<br />

Security at any time, if a Market Disruption Event occurs in respect of such Component Security at that<br />

time, then the relevant percentage contribution of that Component Security to the level of the Index<br />

shall be based on a comparison of (x) the portion of the level of the Index attributable to that<br />

Component Security to (y) the overall level of the Index, in each case using the official opening<br />

weightings as published by the Sponsor as part of the market "opening data".<br />

"Reference Level" means, in respect of any Averaging Date and an Index, the level of such Index as<br />

published by the Sponsor as of the Valuation Time on such Averaging Date as determined by the<br />

Calculation Agent.<br />

"Related Exchange" means in respect of an Index the exchange or quotation system specified as such<br />

in the relevant Final <strong>Term</strong>s, any successor to such exchange or quotation system or any substitute<br />

exchange or quotation system to which trading in futures or options contracts relating to the relevant<br />

Index has temporarily relocated (provided that the Calculation Agent has determined that there is<br />

comparable liquidity relative to the futures or options contracts relating to such Security on such<br />

temporary substitute exchange or quotation system as on the original Related Exchange), provided,<br />

however, that where "All Exchanges" is specified as the Related Exchange in the relevant Final <strong>Term</strong>s,<br />

"Related Exchange" shall mean each exchange or quotation system where trading has a material effect<br />

(as determined by the Calculation Agent) on the overall market for futures or options contracts relating<br />

to such Index.<br />

"Scheduled Closing Time" means, in respect of each Component Security, the scheduled weekday<br />

closing time of the Exchange, without regard to after hours or any other trading outside of the regular<br />

trading session hours.<br />

"Scheduled Trading Day" means any day on which (i) the Index Sponsor is scheduled to publish the<br />

level of the Index and (ii) the Related Exchange is scheduled to be open for trading for its regular<br />

trading session.<br />

"Settlement Cycle" means, in respect of an Index, the largest period of Clearance System Business<br />

Days following a trade in the shares underlying such Index on any relevant Exchange in which<br />

settlement will customarily occur according to the rules of such Exchange.<br />

"Scheduled Valuation Date" means any original date that, but for the occurrence of an event causing a<br />

Disrupted Day, would have been a Valuation Date.<br />

"Multiple Exchange Index Linked <strong>Note</strong>" has the meaning ascribed thereto in the relevant Final <strong>Term</strong>s.<br />

"Strike Date" means the date specified as such in the relevant Final <strong>Term</strong>s or, if such date is not a<br />

relevant Scheduled Trading Day, the next following relevant Scheduled Trading Day, subject to the<br />

provisions of "Consequences of Disrupted Days" above as if such Strike Date were a Valuation Date.<br />

"Strike Price "has the meaning ascribed thereto in the relevant Final <strong>Term</strong>s.<br />

"Trading Disruption" means any suspension of or limitation imposed on trading by the relevant<br />

Exchange or, if any, the Related Exchange or otherwise and whether by reason of movements in price

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